Sudden ban on Rs. 500 and Rs. 1000 denominations and instruction on depositing the notes in banks with only 50 days of time period have shook the country. This is not merely a change in currency notes but the entire economy of India. With respect to the rules and acts cited by the Modi government, the black money flow is expected to come under control.
Moreover, the penalties on cash deposit of the amount mismatching the income will change the entire market upside-down. With market shares seeing huge fall, the real estate is also to see a drastic change.
Expert View:
As the director and real estate expert of DNA Ventures, Mr. Ankur Maheshwari shares his views, he suggested that the change brought by the Government will have some positive as well as negative impact on real estate. “With the recent Modi announcement for demonetising Rs.500 and Rs. 1000 currency notes in India effective from 09.11.2016, real estate is expected to face another hurdle to revive,” says Ankur. “The real estate industry was already going through a phase of stagnation. With Modi government’s investment-friendly policies that encouraged Foreign Direct Investment (FDI) in property segment, the positive sentiments were evoked within real estate industry but, the transformational reform has again brought this segment on the verge of crash,” he added.
He also cited some of the expected impacts on real estate in time to come.
With the reduction in currency circulation, economy may experience Deflation as a current impact. Both inflation and deflation balances each other, but inflation will take time to occur.
Expert Advice:
Looking at the current situation, Mr. Maheshwari gives some advices to the people looking forward to get involved in real estate deals.
To Do:
Not To Do:
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